If you’re thinking about buying a home, you might be focusing on resales. But with so few houses for sale today, it makes sense to consider all your options, and that includes new construction homes.
While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of homes available on the market. One reason for that is years of underbuilding meaning there haven’t been enough new homes built to keep up with demand
Even though there aren’t a lot of homes for sale today, new home inventory is on the rise, and many builders are offering incentives
“While existing-home inventory remains limited, the silver lining for home buyers is that new-home inventory is on the rise, and a new home at the right price is a pretty good substitute ”
While there is a growing number of new homes for sale, builders are slowing that pace until they sell more of their current inventory According to Logan Mohtashami, Lead Analyst at HousingWire:
“The builders have to work off the backlog of homes, but instead of 3%-4% mortgage rates, they’re dealing with 6% plus mortgage rates, which means they have to provide many incentives to make sure those homes sell.”
Many builders are now offering incentives to help buyers purchase these homes Fleming also explains:
“The National Association of Home Builders reported that nearly two-thirds of builders were offering incentives, including mortgage rate buydowns, paying points for buyers and price reductions, which could entice potential home buyers.”
Source: Census
The graph above shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: the number of new homes being built each year is on the rise. As Mark Fleming, Chief Economist at First American, shares, that’s good news for buyers:
A builder who’s willing to pay to reduce your mortgage rate could be a game changer. Ksenia Potapov, Economist at First American, puts it this way:
“A one percentage-point decline in mortgage rates has the same impact on affordability as an 11 percent decline in house prices ”
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As the kitchen can often encourage the purchase of a new home, home builders are taking note of ways to provide more personalization in the space. Erin Hurley of Lita Dirks & Co., Nanette Pfister of Epcon Communities, Joe Bonura of JBJ Construction Group and Bonura Hospitality Group, and Tim Shearer of Ferguson Enterprises sat down at the International Builders’ Show to discuss the kitchen trends they're seeing for 2023.
Often the gathering place in the kitchen, islands are taking on new shapes, curves, textures, and colors for 2023. “For production builders, it can be as easy as painting the island a different color,” Pfister said. Other trends include mixand-match countertops, butcher block, patterned finishes, and additional seating options
Bold slab backsplashes are trending in 2023, but so are unconventional and more cost-effective methods Pfister said this includes the use of wallpaper and paint as well as only applying tile or stone as needed behind cooking surfaces.
Stark, gallery-ready white walls and cabinets are taking on warmer tones as ivories begin to emerge for all surfaces, Pfister said An example being Behr's 2023 Color of the Year, Blank Canvas, a soft warm white.
The use of recessed ceiling lights, uplighting, under-cabinet lighting strips, and pendants can create depth, Shearer said. Glass-paneled cabinets can provide additional glow with LED lights installed inside The panelists also agreed that mixing warm bulbs in pendants with bright white LEDs for work zones is becoming more common, and a lighting smart control panel is helpful and trendy.
This trend is all about functionality and organization in the kitchen. "What we found as we spent time at home is that we needed our kitchens to work for us, " Hurley said Peg drawer systems, recycling centers, functional corner cabinets with pullout shelving, and vertical sleeves for baking sheets and pans are being used to make the space more efficient. Bottom cabinets are also being replaced with deep drawers.
On par with the recurring need for customization and individuality, nook spaces in the kitchen are taking on even more personality Whether that's a designated bar area, customized pantry, or a personalized coffee cabinet, these areas are tailored to the homeowner's lifestyle and preferred design style, Pfister said.
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